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In this edition of the QLMO, we analyze the labor market situation with data available up to the first quarter of 2024. We review the trends of the main indicators, examine the differences between the Labor Force Survey and administrative records, and highlight Spain's productivity deficit.

Evidence shows that permanent improvements in productivity lead to a gradual reduction in hours worked per employee. In contrast, reversing this order of causality hinders employment growth.

Spain must continue to offer an attractive society to ensure migratory flows that will transform the demographic structure. Immigration, like productivity growth, helps to spread the increase in pension spending due to the retirement of baby bo…

The employment resumes growth in April (2.5% year-on-year); this rebound in employment is explained by the negative impact of the previous month's Easter week. A change in the employment creation trend is not anticipated but rather seen as a te…

In the first quarter of 2024, job creation remained strong, but overall employment growth has slowed compared to last year. April saw only 175 thousand new jobs added, well below the expected 243 thousand.

To avoid a ‘demographic winter’ scenario, Spain needs immigration. But just because it is necessary does not mean that it is sufficient, nor that it does not pose major challenges for the labor market and when it comes to social cohesion.

Social Security affiliation increased by 199,500, while unemployment declined by 60,500. Adjusted for seasonality, it's estimated that the number of contributors rose by 60,000 and the unemployed fell by 34,000. The proportion of General Regime affiliates with temporary contracts held steady at 14.4% CVEC.

In March, the national unemployment rate was 11.3%, up from 10.0% a year ago. Seasonally adjusted, the national unemployment rate continued its upward trend in March. Employment fell by 0.7% year-over-year, so that job creation continued its do…

Despite the quarter's negative seasonality, both the number of jobs (up 0.5% quarterly CVEC) and hours worked (up 0.3%) increased. Furthermore, the rate of temporary employment and the unemployment rate both fell (to 16.1% and 11.7% CVEC, respe…

The average real wages of formal workers in Mexico have shown notable growth, accompanied by a significant improvement in workers' purchasing power, especially in the lowest income deciles, which indicates progress towards lower wage inequality.

Formal employment in Mexico showed null monthly variation in March 2024, reflecting a more pronounced slowdown than expected in the year's first quarter. In March, it grew below expectations, partly attributable to the effect of Easter.

The national unemployment rate in February 2024 was 11.7%, higher than the 11.4% in February 2023. On the year to February, employment grew 1.2% (260 thousand jobs), down from 2.5% (533 thousand jobs) in January 2024, continuing the trend of slowing annual job creation.